£74.3m for SIP developer

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Ubiquity's core product is Session Initiation Protocol (SIP) software, which Avaya says will help it support network operators in the migration to all-IP communications.

Avaya's offer breaks down to 37.3 pence per share, a premium of more than 86 per cent on the closing price of 20 pence on 20 December, when talks were announced. At time of writing, Ubiquity's stock was trading at 36.25 pence.

Ubiquity has recommended the deal to its shareholders who have 20 business days to consider it.

Ubiquity chief executive Ian McLaren said: "As part of the Avaya group, we believe that Ubiquity will be well positioned to gain access to Avaya's customer base and the resources to exploit the opportunities we see in the emerging telecommunications marketplace."